Bentonville, Arkansas and Beijing – June 20, 2016 – Walmart (NYSE:WMT),
and JD.com (Nasdaq:JD), China’s largest e-commerce company by revenue, today
announced that they have formed a strategic alliance to better serve consumers across
China through a powerful combination of e-commerce and retail.

The agreement between the companies
includes a wide range of business initiatives, covering both online and offline
retail. For Walmart, the alliance greatly expands its opportunity in China
e-commerce and provides its stores and Sam’s Clubs with potential traffic from JD.com’s
significant base of online customers and vast same-day delivery network to
serve its customers. JD.com will leverage Yihaodian’s strong brand and business
in eastern and southern China and in key product categories such as high-quality
grocery and household goods, both of which complement its own geographical and
product strengths. In addition, JD.com’s customers will gain access to a wide
range of new and imported items from Walmart and Sam’s Club.

As part of the agreement, Walmart
will receive 144,952,250 newly issued JD.com Class A ordinary shares, amounting
to approximately 5 percent of total shares outstanding and the companies will
partner in several strategic areas, including:

JD.com will take
ownership of the Yihaodian marketplace platform assets, including the Yihaodian
brand, website and app. Walmart will continue to operate the Yihaodian direct
sales business and will be a seller on the Yihaodian marketplace, leveraging
its global supply chain to provide customers a wide range of products. JD.com
and Walmart will work together on growing the Yihaodian brand and business
under its current name and market position.

Sam’s Club China,
which has proven tremendously successful within the markets it operates in
China, will open a flagship store on JD.com, vastly expanding the availability
of Sam’s Club’s high-quality imported products across China. It will offer same-
and next-day delivery through JD.com’s nationwide warehousing and delivery
network, which covers a population of 600 million consumers.

Walmart and JD.com
will work together to leverage their supply chains to increase the product
selection for customers across China, including broadening the range of
imported products.

Walmart’s China stores
will be listed as a preferred retailer on JD.com’s O2O JV Dada, China’s largest
crowd-sourced delivery platform, driving online traffic to Walmart stores and
allowing customers to order fresh food and other items from Walmart stores for 2-hour
home delivery, while significantly broadening the product selection available
to Dada’s customers. Walmart will
continue to operate its own physical stores.

“We’re excited about teaming up with
such a strong leader in JD.com, and the potential that this new relationship
creates for customers in China, as well as for our businesses. We thank the
Yihaodian associates for creating a strong brand and business that has helped
lead to this opportunity with JD.com,” said Doug McMillon, president and CEO of
Walmart. “JD.com shares similar values
in making the lives of customers better. It also has a very complementary
business and is an ideal partner that will help us offer compelling new
experiences that can reach significantly more customers. We also look
forward to offering customers a tremendous number of quality imported products
not previously widely available in China through Walmart and Sam’s Club.”

“We are very happy to announce this
landmark agreement between two leading retailers, which we are confident will
help bring e-commerce in China to the next level and benefit millions of
consumers,” said Richard Liu, CEO of JD.com. “Walmart is synonymous with
trusted-quality efficient retailing, and we believe that this tie up will
increase both product selection and overall user experience. We look forward to
further developing Yihaodian, which has tremendous strength in important
regions of eastern and southern China. Yihaodian will continue offering the outstanding
user experience its customers have come to expect, which we will further
augment by leveraging our unparalleled logistics capabilities and breadth of
product categories.

“We are also delighted to welcome the
Sam’s Club flagship store onto the JD.com platform. Sam’s Club’s unique,
high-end product selection meets the demand from China’s increasing affluent
consumers for high-quality, imported products and has already proven popular in
the Chinese cities where it has stores. JD.com’s reputation for authentic
products and superior customer experience make it an outstanding home for these
iconic businesses to reach hundreds of millions more customers in China.”

JD.com, Inc. is China’s leading
online direct sales company and the country’s largest Internet company by
revenue. The Company strives to offer consumers the best online shopping
experience. Through its content-rich and user-friendly website jd.com and
mobile applications, JD.com offers a wide selection of authentic products at
competitive prices and delivers products in a speedy and reliable manner. The
Company believes it has the largest fulfillment infrastructure of any ecommerce
company in China. As of March 31, 2016, JD.com operated 7 fulfillment centers
and 209 warehouses, and in total 5,987 delivery stations and pickup stations in
2,493 counties and districts across China, staffed by its own employees. JD.com
is a member of the NASDAQ100.

About Walmart

Walmart Stores, Inc. (NYSE: WMT)
helps people around the world save money and live better – anytime and anywhere
– in retail stores, online, and through their mobile devices. Each week, nearly
260 million customers and members visit our 11,527 stores under 63 banners in
28 countries and e-commerce websites in 11 countries. With fiscal year 2016
revenue of $482 billion, Walmart employs more than 2.3 million associates
worldwide. Walmart continues to be a leader in sustainability, corporate
philanthropy and employment opportunity. Additional information about Walmart
can be found by visiting http://corporate.walmart.com on Facebook at http://facebook.com/walmart
and on Twitter at http://twitter.com/walmart.
Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.

Safe Harbor Statement

JD.com and Walmart may also make written or oral forward-looking
statements in their respective periodic reports to the U.S. Securities and
Exchange Commission (the “SEC”), in their respective annual report to
shareholders, in press releases and other written materials and in oral
statements made by their respective officers, directors or employees to third
parties. Statements that are not historical facts, including statements about
the companies’ beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A number
of factors could cause actual results to differ materially from those contained
in any forward-looking statement, which are often beyond the companies’
control. Further information regarding these and other risks is included in JD.com’s
and Walmart’s filings with the SEC.